The Coleman Foundation, Inc. Statements of Financial Position

GAAP

Accrued BasisThe Coleman Foundation, Inc.

Statements of Financial Position

5/31/19 12/31/18 $ Change % Change

ASSETS

Current assets

Cash and cash equivalents 1,462,131$ 956,280$ 505,851$ 53%

Investments (market value)

Cost 142,280,596 143,410,854 (1,130,258) -1% See Exh A

Unrealized gain 32,319,017 19,828,994 12,490,023 63%

Fair market value 174,599,613 163,239,848 11,359,765 7% See Exh A

Dividends and interest receivable 444,005 360,967 83,038 23%

Deposits and prepaid expenses 66,432 87,222 (20,790) -24%

Total current assets 176,572,181 164,644,317 11,927,864 7%

Property and equipment 48,424 36,324 12,100 33%

TOTAL ASSETS 176,620,605$ 164,680,641$ 11,939,964$ 7%

LIABILITIES & EQUITY

Liabilities

Accounts payable and accrued expenses 35,450$ 221,501$ (186,051)$ -84%

Federal excise tax payable - - - 0%

Grants payable within one year 1,471,650 1,451,250 20,400 1%

Total current liabilities 1,507,100 1,672,751 (165,651) -10%

Long term liabilities

Deferred excise taxes 646,380 396,580 249,800 63%

Grants payable beyond one year 2,305,428 1,998,628 306,800 15%

Total long term liabilities 2,951,808 2,395,208 556,600 23%

Total liabilities 4,458,908 4,067,959 390,949 10%

Net assets:

Opening balance equity 129,827,976 129,827,976 - 0%

Retained earnings 30,784,706 51,726,189 (20,941,483) -40%

Net (loss) income 11,549,014 (20,941,483) 32,490,497 155%

Total net assets 172,161,696 160,612,682 11,549,014 7%

TOTAL LIABILITIES & NET ASSETS 176,620,605$ 164,680,641$ 11,939,964$ 7%

GAAP


Statements of Activities and Changes in Net Assets

5/31/19 YTD 5/31/18 YTD $ Change % Change Orig Budget $ Over Budget % of Budget

Support and revenue

Interest 804,952$ 446,511$ 358,441$ 80% 450,000$ 354,952$ 179%

Dividends 936,505 906,607 29,898 0 875,000 61,505 107%

Realized Gains (Losses) (40,696) 2,372,164 (2,412,860) (1) 3,300,000 (3,340,696) -1%

Other Investment Income 473,394 306,210 167,184 1 320,000 153,394 148%

Unrealized Gain/(Loss) Investment 12,478,200 (924,911) 13,403,111 14 - 12,478,200 100%

Misc. Income - - - - - - 0%

Total revenues 14,652,356 3,106,581 11,545,775 4 4,945,000 9,707,356 296%

Expense

Grants paid 1,560,934 1,604,061 (43,127) (0) 1,575,250 (14,316) 99%

Grants not paid, approved for future payment 327,200 327,200 1 - 327,200 100%

Investment management and other related expenses 206,796 403,283 (196,487) (0) See Exh C 228,500 (21,704) 91%

General and administrative expenses 731,662 699,483 32,179 0 See Exh C 713,704 17,958 103%

Federal excise taxes 276,749 75,611 201,138 3 28,058 248,691 986%

Total expenses 3,103,342 2,782,438 320,904 0 2,545,512 557,830 122%

(Decrease) increase in net assets 11,549,014 324,143 11,224,871 35 2,399,488 9,149,526 481%

Net assets at beginning of year 160,612,683 181,554,165 (20,941,482)

Net assets at end of year 172,161,697$ 181,878,308$ (9,716,611)$

GAAP


Investment BalancesExhibit A

COST OR MARKET % TO COST OR MARKET % TO INCREASE OR INCREASE

BOOK VALUE VALUE MARKET BOOK VALUE VALUE MARKET (DECREASE) (DECREASE)

INVESTMENTS :

DOMESTIC EQUITY ACCOUNTS:

Dana Investment Advisory 26,397,445$ 31,764,363$ 18.2% 26,218,368$ 28,719,340$ 17.6% 3,045,023$ 10.6%

In-House Equities 4,833,534 15,981,866 9.2% 5,079,270 14,449,797 8.9% 1,532,069 10.6%

TOTAL US LARGE CAP STOCK ACCOUNTS 31,230,979 47,746,229 27.3% 31,297,638 43,169,137 26.4% 4,577,092 10.6%

US SMALL CAP STOCKS:

Pinnacle Associates SMID 10,972,177 18,272,726 10.5% 10,695,687 16,492,716 10.1% 1,780,010 10.8%

Dana Investment Advisory - SMID 14,460,653 15,178,195 8.7% 14,631,218 13,951,752 8.5% 1,226,443 8.8%

Fuller & Thaler ( Micro Cap) 4,642,631 4,840,540 2.8% 4,735,793 4,423,137 2.7% 417,403 9.4%

LaSalle Street Capital Management 2,960,266 2,711,646 1.6% 2,956,019 2,506,272 1.5% 205,374 8.2%

TOTAL US SMALL CAP STOCK ACCOUNTS 33,035,727 41,003,107 23.5% 33,018,717 37,373,877 22.9% 3,629,230 9.7%

INTERNATIONAL EQUITY MANAGED & MUTUAL FUNDS ACCOUNTS:

WCM Investment Management 10,343,709 14,837,675 8.5% 10,571,763 12,582,323 7.7% 2,255,352 17.9%

WCM International 4,727,895 4,952,123 2.8% 4,770,343 4,474,976 2.7% 477,147 10.7%

BlackRock Int'l Index 7,974,771 7,162,305 4.1% 7,974,771 6,647,885 4.1% 514,420 7.7%

TOTAL INTERNATIONAL STOCK ACCOUNTS 23,046,375 26,952,103 15.4% 23,316,877 23,705,184 14.5% 3,246,919 13.7%

TOTAL EQUITY MANAGED ACCOUNTS 87,313,081 115,701,439 66.3% 87,633,232 104,248,198 63.9% 11,453,241 11.0%

PRIVATE EQUITY & HEDGE FUNDS:

Portfolio Advisors Private Equity Fund IV (Offshore), L.P. - 1,533,682 0.9% - 1,698,242 1.0% (164,560) -9.7%

Portfolio Advisors Private Equity Fund V (Offshore), L.P. - 1,585,097 0.9% - 1,778,064 1.1% (192,967) -10.9%

Portfolio Advisors Secondary Fund (Offshore), L.P. - 607,794 0.3% - 667,882 0.4% (60,088) -9.0%

Brickman Fund V, L.P. 1,439,358 756,799 0.4% 1,439,358 756,799 0.5% - 0.0%

Brickman Fund VI, L.P. 3,826,826 5,008,216 2.9% 3,826,826 5,008,216 3.1% - 0.0%

Brickman Fund VII, L.P. (119,147) (182,867) -0.1% (119,147) (182,867) -0.1% - -100.0%

TOTAL PRIVATE EQUITY ACCOUNTS 5,147,037 9,308,721 5.3% 5,147,037 9,726,336 6.0% (417,615) -4.3%

TOTAL EQUITY INVESTMENT ACCOUNTS 92,460,118 125,010,160 71.6% 92,780,269 113,974,534 69.8% 11,035,626 9.7%

FIXED and CASH INCOME ACCOUNTS :

Wasmer, Schroeder Account - Money Market & Credit Securities 27,466,193 28,066,497 16.1% 27,132,572 26,890,185 16.5% 1,176,312 4.4%

Wasmer, Schroeder Account - CMBS 2,019,938 1,986,295 1.1% 1,993,376 1,901,908 1.2% 84,387 4.4%

Goldman - Broad St Credit Partners Fund ll 1,693,844 1,292,848 0.7% 1,782,269 1,410,778 0.9% (117,930) -8.4%

Goldman - Money Market Fund (Goldman Custody) 2,201,926 2,201,926 1.3% 2,071,726 2,071,726 1.3% 130,200 6.3%

Hillcrest Income Fund II 3,947,662 3,753,366 2.1% 4,181,070 4,017,122 2.5% (263,756) 100.0%

NorthCoast Tactical Income Strategy 5,163,087 5,146,567 2.9% 5,060,548 4,901,240 3.0% 245,327 100.0%

Lord Abbett Short Duration Income Fund 7,216,330 7,030,456 4.0% 8,259,496 7,922,827 4.9% (892,371) -11.3%

Cash Money Market . . . . . . . . . . . . . 111,498 111,498 0.1% 149,528 149,528 0.1% (38,030) -25.4%

TOTAL FIXED AND CASH INCOME ACCOUNTS 49,820,478 49,589,453 28.4% 50,630,585 49,265,314 30.2% 324,139 0.7%

TOTAL INVESTMENTS ACCOUNTS 142,280,596$ 174,599,613$ 100.0% 143,410,854$ 163,239,848$ 100.0% 11,359,765$ 7.0%

May 31, 2019 December 31, 2018 MARKET VALUE

GAAP

Accrued Basis

The Coleman Foundation, Inc.

Detailed Investment Balances (alpha order)Exhibit A-1

As of Date: May 31 2019

Position Type: Settled

FMV

Ticker Description Market Value % Total Portfolio

MMM 3M COMPANY 1,597,500$ 0.9%

ABT ABBOTT LABORATORIES 548,136 0.3%

ACTG ACACIA RESEARCH - ACACIA TEC 48,984 0.0%

ACN ACCENTURE PLC 1,142,675 0.7%

ARAY ACCURAY INC 65,296 0.0%

ADDYY ADIDAS AG-SPONSORED ADR 688,050 0.4%

DSDVY ADR DSV AS 591,497 0.3%

HDB ADR HDFC BANK LTD 592,243 0.3%

AEIS ADVANCED ENERGY IND 132,951 0.1%

AVAV AEROVIRONMENT INC 243,460 0.1%

AAGIY AIA GROUP LTD SP-ADR 802,656 0.5%

ALRM ALARM.COM HOLDINGS INC 228,750 0.1%

AIN ALBANY INTL CORP NEW CL A 224,855 0.1%

ALC ALCON INC 470,385 0.3%

ALDR ALDER BIOPHARMACEUTICALS INC 95,216 0.1%

AZSEY ALLIANZ SE ADR 99,720 0.1%

GOOGL ALPHABET INC CL A 663,900 0.4%

GOOG ALPHABET INC CL C 1,803,331 1.0%

AMADY AMADEUS IT HLDGS UNSP ADR 420,878 0.2%

AMZN AMAZON.COM 1,775,070 1.0%

AMBA AMBARELLA INC 282,430 0.2%

AXP AMERICAN EXPRESS CO 626,661 0.4%

AMERICAN EXPRESS CO 3.4% 02/27/2023-2023 588,679 0.3%

AMERICAN INTERNATIONAL GROUP INDUSTRY PROPERTY & CASUALTY INS 3.9%

04/01/2026 471,426 0.3%

AMT AMERICAN TOWER CORP 563,679 0.3%

AMGN AMGEN INC 500,100 0.3%

AMN AMN HEALTHCARE SERVICES INC 62,633 0.0%

ANADARKO FINANCE CO 7.5% 05/01/2031 97,973 0.1%

ANIP ANI PHARMACEUTICALS INC 422,140 0.2%

ATRS ANTARES PHARMA INC 53,289 0.0%

AAPL APPLE INC 2,538,515 1.5%

APPLE INC 2.4% 05/03/2023 708,552 0.4%

ARLO-W ARLO TECHNOLOGIES INC 62,426 0.0%

ARRY ARRAY BIOPHARMA INC 472,918 0.3%

ASGN INC 159,850 0.1%

ASML ASML HLDGS NV - NY REG SHR 420,292 0.2%

T AT&T INC 581,020 0.3%

AT&T INC 6.5% 09/01/2037 96,054 0.1%

ATLANTA GA URBAN RSDL FIN AUTH TXBL REF HSG OPPORTUNITY PROGRAM A

2.809% 12/01/2024 412,212 0.2%

ATLKY ATLAS COPCO AB-SPON ADR 436,580 0.3%

AUSTIN TX RENTAL CAR SPL FAC REVENUE TXBL 3.837% 11/15/2022 223,923 0.1%

RILY B. RILEY FINANCIAL INC 93,578 0.1%

NCBDY BANDAI NAMCO HLDGS INC ADR 137,710 0.1%

BAC BANK OF AMERICA CORP 595,840 0.3%

BANK OF AMERICA CORP 3.248% 10/21/2027 711,697 0.4%

BANK OF AMERICA CORP 6.2% PFD 57,553 0.0%

BANK OF NEW YORK MELLON 3.55% 09/23/2021-2021 204,260 0.1%

BANK OF NOVA SCOTIA INDUSTRY DIVERSIFIED BANKS 1.875% 04/26/2021 725,021 0.4%

BANR BANNER CORP NEW 241,502 0.1%

BKS BARNES & NOBLE 75,508 0.0%

BBY BEST BUY INC. 614,166 0.4%

BEAT BIOTELEMETRY INC 169,712 0.1%

BLACKROCK INT'L INDEX 7,162,305 4.1%

BXMT BLACKSTONE MTG TRUST CL A 290,296 0.2%

BCOR BLUCORA INC 77,053 0.0%

BOOT BOOT BARN HOLDING INC 453,956 0.3%

BYD BOYD GAMING CORP 515,309 0.3%

BP CAP MARKETS AMERICA 4.742% 03/11/2021 738,258 0.4%

BRICKMAN FUND V, LP 756,799 0.4%

BRICKMAN FUND VI, LP 5,008,216 2.9%

BRICKMAN FUND VII, LP (182,867) -0.1%

BCO BRINK'S CO 78,463 0.0%

Investment Detail Ex A-1 4 of 16

GAAP

Accrued Basis




BRISTOL VA 4.02% 01/01/2034-2026 93,359 0.1%

BMY BRISTOL-MYERS SQUIBB CO 494,533 0.3%

BROAD STREET REAL ESTATE CREDIT PARTNERS II 1,292,848 0.7%

AVGO BROADCOM INC 528,444 0.3%

BR BROADRIDGE FINL SOLUTIONS INC 586,889 0.3%

BAM BROOKFIELD ASSET MANAGEMENT INC 112,333 0.1%

BRKS BROOKS 66,153 0.0%

CCMP CABOT MICROELECTRONICS CORP 215,214 0.1%

CGT CAE INC 388,723 0.2%

CAP CAI INTL INC 73,640 0.0%

CAL CALERES INC 35,287 0.0%

CALIFORNIA CMNTY COLLEGE FING AUTH LEASE REV TAXABLE-WEST VY MISSION

5.097% 06/01/2020 204,718 0.1%

CALIFORNIA ST BUILD AMERICA BONDS-TXB-VAR PURP 7.5% 04/01/2034 268,380 0.2%

CALIFORNIA ST HSG AGY REV TXBL SER A 2.828% 02/01/2023 258,970 0.1%

CALIFORNIA ST UNIV REVENUE TAXABLE SYSTEMWIDE SER B 2.785% 11/01/2022 111,199 0.1%

CALIFORNIA ST WD CMNTYS DEV AUTH REVENUE LOMA LINDA UNIV MEDICAL

CNTR- SER B 6% 12/01/2024 96,721 0.1%

CP CANADIAN PACIFIC RAILWAY LTD 631,843 0.4%

CAPITAL ONE FINANCIAL CORP 6.2 PFD 41,216 0.0%

CDLX CARDLYTICS INC 97,079 0.1%

CSV CARRIAGE SERVICES INC 84,905 0.0%

CARS CARS COM INC 69,501 0.0%

CTT CATCHMARK TIMBER TRUST INC 77,162 0.0%

CDW CDW CORP DE 639,860 0.4%

CDEV CENTENNIAL RESOURCES DEVELO CL A 34,286 0.0%

CNP CENTERPOINT ENERGY INC 492,012 0.3%

CSFL CENTERSTATE BANK CORPORATION 242,804 0.1%

GIB CGI INC 163,935 0.1%

CRL CHARLES RIVER LABS 36,381 0.0%

CPK CHESAPEAKE UTILITIES CORP 298,212 0.2%

CVX CHEVRON CORPORATION 444,015 0.3%

CHEVRON CORPORATION 2.411% 03/03/2022 710,348 0.4%

CHICAGO IL TAXABLE SER B 7.375% 01/01/2033 127,203 0.1%

CHYHY CHR HANSEN HLDGS SPON ADR 447,507 0.3%

CB CHUBB LTD 672,652 0.4%

CSCO CISCO SYSTEMS INC 613,954 0.4%

CITIGROUP INC 4.4% 06/10/2025 104,972 0.1%

CITIGROUP INC 6.875% SER K 43,456 0.0%

CFG CITIZENS FINANCIAL GROUP 592,956 0.3%

CLNE CLEAN ENERGY FUELS CORP 68,085 0.0%

CGNX COGNEX CORPORATION 515,620 0.3%

COLORADO ST BRD OF GOVERNORS UNIV ENTERPRISE SYS REV TXBL SER B

2.688% 03/01/2021 504,000 0.3%

COLORQADO ST HSG & FIN AUTH TXAL REF 2.424% 05/01/2021 221,014 0.1%

COLORQADO ST HSG & FIN AUTH TXBL SER D 3.35% 11/01/2024 402,044 0.2%

COLORQADO ST HSG & FIN AUTH TXBL SF MTGE CLASS I SER A 2.543% 11/01/2020 120,508 0.1%

CMCSA COMCAST CORP (NEW) CL A 705,200 0.4%

FIX COMFORT SYSTEMS USA INC 272,700 0.2%

CMPG COMPASS GROUP PLC SPON ADR 489,049 0.3%

CRK COMSTOCK RES INC 42,924 0.0%

CMTL COMTECH TELECOMMUNICATIONS CORP 49,449 0.0%

CNMD CONMED CORP 250,534 0.1%

STZ CONSTELLATION BRANDS INC 494,060 0.3%

CRBP CORBUS PHARMACEUTICALS HLDGS 67,997 0.0%

COR CORESITE REALTY CORP 317,012 0.2%

CBRL CRACKER BARREL OLD COUNTRY STORE 50,897 0.0%

CCRN CROSS COUNTRY HEALTHCARE INC 64,701 0.0%

CSLLY CSL LTD UNSPON ADR 671,649 0.4%

CUB CUBIC CORP 189,571 0.1%

CMI CUMMINS INC 833,552 0.5%

CW CURTISS-WRIGHT CORP 220,193 0.1%

CUBI CUSTOMERS BANCORP INC 79,057 0.0%

CUYAHOGA CNTY OH ECONOMICS DEV REV TAXABLE MED MART CTR SER G 5%

12/01/2019 5,063 0.0%

CUYAHOGA CNTY OH SALES TAX REV TXBL SER B 3.026% 01/01/2026-2024 510,150 0.3%

CVS CVS HEALTH CORP 539,411 0.3%


GAAP

Accrued Basis




CONE CYRUSONE INC 479,405 0.3%

CYTK CYTOKINETICS INC 67,405 0.0%

DK DELEK US HOLDINGS INC 126,909 0.1%

DAL DELTA AIR LINES INC 556,200 0.3%

DLX DELUXE CORPORATION 29,388 0.0%

DENVER CO PUBKIC SCHS COPS TXBL REF SER B 2.598% 12/15/2021 292,923 0.2%

DBD DIEBOLD INC 88,400 0.1%

DISCK DISCOVERY COMM INC NEW SER C 356,396 0.2%

DIST OF COLUMBIA REV TAXABLE HOWARD UNIV SER B 7.625% 10/01/2035 107,135 0.1%

DORM DORMAN PRODUCTS INC 72,514 0.0%

DOUSCD

DOUGLAS CNTY NEV SCH DIST QUALIFIED SCH CONSTR BDS-DIRECT PAY 6.421%

04/01/2027-2020 206,456 0.1%

DHI DR HORTON INC 675,608 0.4%

DS DRIVE SHACK INC 80,080 0.0%

DUKE ENERGY CAROLINAS 3.35% 05/15/2022 746,054 0.4%

E BATON ROUGE PARISH LA SWR COMMISSION REVENUE TXBLE REF 3.2%

02/01/2023 361,354 0.2%

SSP E.W. SCRIPPS CO CLASS A 122,521 0.1%

EGP EASTGROUP PROPERTIES INC 285,825 0.2%

ETN EATON CORP PLC 558,675 0.3%

ECHO ECHO GLOBAL LOGISTICS INC 49,686 0.0%

EBS EMERGENT BIOSOLUTIONS INC 169,780 0.1%

EBKDY ERSTE GROUP BANK AG 82,259 0.0%

ESPR ESPERION THERAPEUTICS INC 113,764 0.1%

ESLOY ESSILORLUXOTTICA ADR 450,014 0.3%

EVRI EVERI HOLDINGS INC 174,898 0.1%

EVH EVOLENT HEALTH INC CL A 29,483 0.0%

AQUA EVOQUA WATER TECHNOLOGIES CO 169,488 0.1%

XAN EXANTAS CAPITAL CORP 99,190 0.1%

EXC EXELON CORP 512,821 0.3%

EXPGY EXPERIAN GROUP LTD SPON ADR 742,372 0.4%

XOM EXXON MOBIL CORP 403,389 0.2%

EZPW EZCORP INC 64,533 0.0%

FB FACEBOOK 709,880 0.4%

FANNIE MAE POOL# 889383 6.5% 03/01/2023 5,314 0.0%

FARO FARGO TECHNOLOGIES INC 97,020 0.1%

FOE FERRO CORP 66,806 0.0%

FGEN FIBROGEN INC 128,652 0.1%

FNSR FINISAR CORP 174,134 0.1%

FEYE FIREEYE INC 291,800 0.2%

FBNC FIRST BANCORP/NC 280,872 0.2%

FRME FIRST MERCHANTS CORP 247,679 0.1%

FANDY FIRSTRAND LTD UNSPON ADR 107,997 0.1%

FIVN FIVE9 INC 231,075 0.1%

FLSENV

FLORIDA ST DEPT ENVIRONMENTAL PROTN PRESERV REV BUILD AMERICA BONDS

7.045% 07/01/2029-2019 150,503 0.1%

FLORIDA ST HURRICANE CATASTROPHE FD FIN CORP REV SER A 2.995%

07/01/2020 503,555 0.3%

FTK FLOTEK INDUSTRIES INC 79,344 0.0%

FLDM FLUIDIGM CORP 106,029 0.1%

FNMA POOL# 995400 7% 06/01/2023 21,270 0.0%

FNMA POOL# AL0471 5.5% 07/01/2025 14,741 0.0%

FORM FORMFACTOR INC 178,782 0.1%

FORT LAUDERDALE FL SPL OBLG TXBL-PENSION FDG 3.024% 01/01/2020 401,032 0.2%

FOXF FOX FACTORY HOLDING CORP 259,568 0.1%

FREDDIE MAC POOL #G01783 6.5% 02/01/2035 25,776 0.0%

FREDDIE MAC POOL #G00936 8.5% 08/01/2027 7,752 0.0%

FREDDIE MAC POOL #G12334 5% 09/01/2021 1,102 0.0%

FREDDIE MAC POOL #G12895 6% 11/01/2022 3,183 0.0%

FRPT FRESHPET INC 130,116 0.1%

GCAP GAIN CAPITAL HOLDINGS INC 46,680 0.0%

GBERY GEBERIT AG-UNSP ADR 306,213 0.2%

ENT GLOBAL EAGLE ENTERTAINMENT I 17,895 0.0%

GOLDMAN SACHS GROUP INC 6% 06/15/2020 734,154 0.4%

GOLDMAN SACHS GROUP INC PFD 40,545 0.0%

GLDD GREAT LAKES DREDGE & DOCK CO 78,736 0.0%

GREATER ARIZ SER A 6.848% 08/01/2019-2014 15,105 0.0%

GRFS GRIFOLS SA ADR 74,758 0.0%

GRPN GROUPON INC 107,665 0.1%


GAAP

Accrued Basis




HVRRY HANNOVER RUECKVERSICHER ADR 112,907 0.1%

HSC HARSCO CORPORATION 282,875 0.2%

HCHC HC2 HOLDINGS INC 73,227 0.0%

HP HELMERICH & PAYNE INC. 161,403 0.1%

HRTG HERITAGE INSURANCE HOLDINGS 102,264 0.1%

HSY HERSHEY COMPANY 1,187,640 0.7%

HXL HEXCEL CORP 378,508 0.2%

HPR HIGHPOINT RESOURCES CORP 74,239 0.0%

HILLCREST CREDIT AND INCOME FUND II LP 3,753,366 2.1%

HMSY HMS HLDGS CORP 218,214 0.1%

HD HOME DEPOT INC 645,490 0.4%

HON HONEYWELL INTERNATIONAL INC 706,533 0.4%

HZNP HORIZON THERAPEUTICS PLC 273,711 0.2%

IAC IAC/INTERACTIVECORP 618,380 0.4%

ICLR ICON PLC 258,347 0.1%

ILLINOIS ST TAXABLE PENSION 5.1% 06/01/2033 98,018 0.1%

IMMR IMMERSION CORP 58,058 0.0%

IMGN IMMUNOGEN INC 30,960 0.0%

INDB INDEPENDENT BANK CORP/MA 228,370 0.1%

IR INGERSOLL-RAND PLC 113,606 0.1%

NGVT INGEVITY CORP 163,034 0.1%

INTC INTEL CORP 1,178,070 0.7%

ICPT INTERCEPT PHARMACEUTCALS INC 124,230 0.1%

INXN INTERXION HOLDINGS NV 696,560 0.4%

ISCA INTL SPEEDWAY CORP CL A 98,472 0.1%

IPI INTREPID POTASH INC 111,232 0.1%

IVC INVACARE CORP 46,254 0.0%

IRET INVESTORS REAL ESTATE TRUST 96,097 0.1%

IONS IONIS PHARMACEUTICALS INC 469,040 0.3%

IRDM IRIDIUM COMMUNICATIONS INC 420,028 0.2%

IEF ISHARES 7-10 YEAR TREASURY BOND ETF 260,731 0.1%

IGF ISHARES GLOBAL INFRASTRUCTURE 253,998 0.1%

HYG ISHARES IBOXX & HIGH YIELD CORPORATE BOND ETF 249,351 0.1%

IGBH ISHARES INTEREST RATE HEDGED 661,733 0.4%

HYGH ISHARES INTEREST RATE HEDGED HIGH YIELD BOND ETF 377,537 0.2%

CIU ISHARES INTERMEDIATE CREDIT BOND ETF 631,206 0.4%

EMB ISHARES J.P. MORGAN USD EMERGING MARKETS BOND ETF 517,472 0.3%

IGLB ISHARES LONG-TERM CORPORATE BOND ETF 274,318 0.2%

MBB ISHARES MBS ETF 477,800 0.3%

REM ISHARES MORTGAGE REAL ESTATE ETF 235,753 0.1%

DVY ISHARES SELECT DIVIDEND ETF 487,802 0.3%

JPM JP MORGAN CHASE & CO 529,800 0.3%

JP MORGAN CHASE & CO 3.2% 01/25/2023 731,765 0.4%

JP MORGAN CHASE & CO 6.15% PFD 55,897 0.0%

JBAXY JULIUS BAER GROUP LTD UN ADR 67,048 0.0%

KSU KANSAS CITY SOUTHERN INDS INC NEW 334,176 0.2%

KBCSY KBC GROEP UNSP ADR 108,227 0.1%

KBR KBR INC 79,170 0.0%

KMB KIMBERLY-CLARK CORP 652,239 0.4%

KIN KINDRED BIOSCIENCES INC 43,980 0.0%

KIGRY KION GROUP AG-UNSP ADR 87,078 0.0%

PHG KONINKLIJKE PHILIPS NVR NY 100,041 0.1%

LRCX LAM RESEARCH CORP 785,745 0.5%

LVS LAS VEGAS SANDS CORP 363,000 0.2%

LAZ LAZARD LTD 229,026 0.1%

LXRX LEXICON PHARMACEUTICALS INC 31,204 0.0%

IIVI LI-VI INC 185,437 0.1%

LSXMK LIBERTY SIRIUSXM GROUP C 63,245 0.0%

LSXMA LIBERTY SIRIUSXM GROUP SER A 162,090 0.1%

LGND LIGAND PHARMACEUTICALS 215,082 0.1%

LLNW LIMELIGHT NETWORKS INC 70,840 0.0%

LMNR LIMONEIRA CO 49,270 0.0%

LIND LINDBLAD EXPEDITIONS HOLDING 79,968 0.0%

LGF.B LIONS GATE ENTERTAINMENT CLASS B 71,029 0.0%

LLDYX LORD ABBETT SHORT DURATION INCOME FUND 7,030,456 4.0%

LOS ANGELES CA UNI SCH DIST BUILD AMER BD 5.755% 07/01/2029 194,229 0.1%

LULU LULULEMON ATHLETICA INC 712,037 0.4%

LITE LUMEMTUM HOLDINGS INC 483,293 0.3%

LVMUY LVMH MOET HENNESSY ADR 587,487 0.3%


GAAP

Accrued Basis




MGNX MACROGENICS INC 115,542 0.1%

MSG MADISON SQUARE GARDEN CO CL A 285,781 0.2%

MPC MARATHON PETROLEUM CORP 229,950 0.1%

MCS MARCUS CORP 221,262 0.1%

VAC MARRIOTT VACATIONS WORLD W/I 237,066 0.1%

MARYLAND ST ECON DEV CORP ECON DEV REV TXBL SEAGIRT MARINE TERMINAL

PROJECT SER B 4% 06/01/2028 60,998 0.0%

MASSACHUSETTS ST CLG BLDG AUTH REVENUE TXBL SER B 4% 05/01/2028 407,464 0.2%

MASSACHUSETTS ST DEV FIN AGY REV TXBL WELLFORCE SER B 4.496%

07/01/2033-2029 54,367 0.0%

MTZ MASTEC INC 253,975 0.1%

MA MASTERCARD INC 4,048,989 2.3%

MTDR MATADOR RESOURCES CO 107,896 0.1%

MNHFY MAYR-MELNHOF KARTON AG ADR 90,323 0.1%

MEDIA GEN INC CVR 12,500 0.0%

MED MEDIAFAST INC 57,383 0.0%

MDCO MEDICINES COMPANY 228,160 0.1%

MDT MEDTRONIC PLC 105,541 0.1%

MRK MERCK & CO INC 570,312 0.3%

MKKGY MERCK KGAA UNSP ADR 126,809 0.1%

MMSI MERIT MEDICAL SYSTEMS INC 260,267 0.1%

MET METLIFE INC 600,730 0.3%

MTD METTLER-TOLEDO INTERNATIONAL INC 549,548 0.3%

MSFT MICROSOFT CORP 2,721,331 1.6%

MICROSOFT CORP 3.125% 11/03/2025 734,630 0.4%

MIDAMERICAN ENERGY CO 3.1% 05/01/2027 765,849 0.4%

MITK MITEK SYSTEMS INC 95,880 0.1%

MOG/A MOOG INC CLASS A 225,831 0.1%

MORGAN STANLEY 3.875% 04/29/2024 729,960 0.4%

MORGAN STANLEY 7.12% SER E 41,925 0.0%

MS MORGAN STANLEY NEW 561,522 0.3%

MHGVY MOWI ASA SPON ADR 102,036 0.1%

MTUAY MTU AERO ENGINES UNSPON ADR 180,682 0.1%

MCHOY MULTICHOICE GROUP LTD ADR 4,270 0.0%

MYGN MYRIAD GENETICS INC 121,373 0.1%

NPSND NASPERS LTD N SHS SPON ADR 114,755 0.1%

NSA NATIONAL STORAGE AFFILIATES 54,307 0.0%

NGVC NATURAL GROCERS BY VITAMIN C 101,673 0.1%

NSRGY NESTLE SA (REPRESENT. REGIST. SHS) ADR 578,980 0.3%

NEVADA ST SYS OF HGR EDU COPS REF TXBL SER B 3.388% 07/01/2025 309,066 0.2%

NEW JERSEY ST ECON DEV AUTH LEASE REV SER A 7.425% 02/15/2029-2026 107,364 0.1%

NEW JERSEY ST EDUCTNL FACS AUTH REV TXBL KEAN UNIVERSITY ISSUE SER C

3.118% 09/01/2024 310,371 0.2%

NEW JERSEY ST EDUCTNL FACS AUTH REV TXBL-SETON HALL UNIV SER E 3.193%

07/01/2025-2017 440,763 0.3%

NEW YORK CITY NY CITY TRANSITIONAL FIN AUTH REV QUALIFIED SCH CONSTR

BD G-3 5.267% 05/01/2027 235,660 0.1%

NEW YORK CITY NY HSG DEV CORPMF HSG REV TXBL SUSTAINABLE 3.296%

05/01/2025 445,338 0.3%

NEW YORK NY SER E 2.65% 03/01/2021 503,595 0.3%

NMRK NEWMARK GROUP INC CLASS A 60,217 0.0%

NEXTERA ENERGY CAPITAL 5.65% 03/01/2079-2024 456 0.0%

NICE NICE LTD ADR 188,798 0.1%

LASR NLIGHT INC 171,948 0.1%

NSC NORFOLK SOUTHERN CORPORATION 690,796 0.4%

NORTH CAROLINA ST #1 CATAWBA ELEC REV REF TXBL D 3.34% 01/01/2022 382,856 0.2%

NORTHERN WASCO CNTY OR PEOPLES UTILITY DIST HYDROELEC SER B TXBL

REF 2.551% 12/01/2019 164,855 0.1%

OAS OASIS PETROLEUM INC 82,025 0.0%

OKLAHOMA ST DEV FIN AUTH HLTHSYS REV TXBL OU MEDICINE PROJECT SER C

5.45% 08/15/2028 56,100 0.0%

OMCL OMNICELL, INC 63,719 0.0%

ONDK ON DECK CAPITAL INC 53,064 0.0%

OKE ONEOK INC NEW 419,892 0.2%

ONTARIO PROVINCE 3.05% 01/29/2024 518,285 0.3%

OTEX OPEN TEXT CORP 100,293 0.1%

ORACLE CORP 2.4% 09/15/2023 287,129 0.2%

ORACLE CORP 2.5% 05/15/2022 420,139 0.2%

PEIX PACIFIC ETHANOL INC 33,358 0.0%


GAAP

Accrued Basis




PCRX PACIRA PHARMACEUTICALS, INC. 64,264 0.0%

PKG PACKAGING CORP OF AMERICA 409,768 0.2%

PDLI PDL BIOPHARMA INC 126,054 0.1%

PFGC PERFORMANCE FOOD GROUP CO 225,043 0.1%

PDRDY PERNOD RICARD SA UNSPON ADR 568,507 0.3%

PFE PFIZER INC 548,064 0.3%

DOC PHYSICIANS REALTY TRUST 52,092 0.0%

PNFP PINNACLE FINANCIAL PARTNERS IN 89,168 0.1%

POL POLYONE CORP 146,407 0.1%

PORTFOLIO ADVISORS PRIVATE EQUITY FUND IV OFFSHORE LP 1,533,682 0.9%

PORTFOLIO ADVISORS PRIVATE EQUITY FUND V OFFSHORE LP 1,585,097 0.9%

PORTFOLIO ADVISORS SECONDARY FUND OFFSHORE LP 607,794 0.3%

PTLA PORTOLA PHARMACEUTICALS INC 121,322 0.1%

APTS PREFERRED APARTMENT COMMUN A 321,175 0.2%

PINC PREMIER INC CL A 57,551 0.0%

PRI PRIMERICA INC 271,988 0.2%

PRIM PRIMORIS SERVICES CORP 59,973 0.0%

PGNX PROGENICS PHARMACEUTICALS INC 63,269 0.0%

PLD PROLOGIS INC 515,690 0.3%

PUMP PROPETRO HOLDING CORP 180,062 0.1%

PRTA PROTHENA CORP PLC 20,970 0.0%

BKRKY PT BANK RAKYAT INDONESIA 97,668 0.1%

PTCT PTC THERAPEUTICS INC 80,200 0.0%

PULTEGROUP CORP 6.375% 05/15/2033 108,413 0.1%

QEP QEP RES INC 140,273 0.1%

QRVO QORVO INC 511,954 0.3%

QUALCOMM INC 3% 05/20/2022 711,387 0.4%

QTNA QUANTENNA COMMUNICATIONS INC 322,609 0.2%

QNST QUINSTREET INC 297,494 0.2%

RPD RAPID7 INC 288,263 0.2%

RJF RAYMOND JAMES FINANCIAL INC 317,933 0.2%

RTN RAYTHEON CO. (NEW) 575,850 0.3%

RNWK REALNETWORKS INC 28,798 0.0%

RP REALPAGE INC 263,431 0.2%

REGN REGENERON PHARMACEUTICALS 360,555 0.2%

RELX RELX PLC - SPON ADR 98,154 0.1%

RGEN REPLIGEN CORP 291,218 0.2%

RMD RESMED INC 454,198 0.3%

RIGL RIGEL PHARMACEUTICALS INC 55,380 0.0%

RHI ROBERT HALF INTERNATIONAL INC 254,885 0.1%

RHHBY ROCHE HOLDING LTD SPONSORED ADR 91,549 0.1%

RYCEY ROLLS-ROYCE HLDGS SP ADR 80,209 0.0%

ROYAL BANK OF CANADA 2.3% 03/22/2021 400,372 0.2%

RCL ROYAL CARIBBEAN CRUISES LTD 1,528,088 0.9%

RDSMY ROYAL DSM NV ADR 113,873 0.1%

RDSA ROYAL DUTCH SHELL PLC SPONS ADR/A SHS 95,064 0.1%

RTEC RUDOLPH TECHNOLOGIES INC 285,768 0.2%

RUTH RUTH'S HOSPITALITY GROUP INC 253,491 0.1%

RYAAY RYANAIR HOLDINGS PLC ADR 5,674 0.0%

SAN JOSE CA REDEV AGY SUCCSSOR AGT TAX ALLOCATION TXBL REF SENIOR

SER A-T 2.828% 08/01/2023 281,245 0.2%

SRPT SAREPTA THERAPEUTICS INC 244,778 0.1%

SBRCY SBERBANK SPOND ADR 133,195 0.1%

SCHWAB CHARLES CORP NEW 4.45% 07/22/2020 674,731 0.4%

SWM SCHWEITZER-MAUDUIT INTL INC 76,191 0.0%

SGEN SEATTLE GENETICS INC 357,885 0.2%

SEAS SEAWORLD ENTERTAINMENT INC 217,600 0.1%

SOMLY SECOM LTD ADR 109,079 0.1%

SHOP SHOPIFY INC CLASS A 684,501 0.4%

SIMON PROPERTY GROUP LP 3.375% 06/15/2027 725,805 0.4%

SKYW SKYWEST INC 272,637 0.2%

SNN SMITH & NEPHEW PLC 103,562 0.1%

SOLANO CNTY CA CMNTY CLG DIST TXBL REF SER B 3.504% 08/01/2022 494,736 0.3%

SNE SONY CORP ADR SONY CORP ADR FOR BKD BY 1 141,600 0.1%

BID SOTHEBY'S 182,034 0.1%

SWX SOUTHWEST GAS HOLDINGS, INC 319,701 0.2%

ONCE SPARK THERAPEUTICS INC 228,900 0.1%

SQNNY SQUARE ENIX HOLDINGS CO - ADR 109,213 0.1%

SRCI SRC ENERGY INC 36,327 0.0%


GAAP

Accrued Basis




STAG STAG INDUSTRIAL INC 328,888 0.2%

STARBUCKS CORP 2.45% 06/15/2026 483,035 0.3%

STWD STARWOOD PROPERTY TRUST 604,170 0.3%

STLD STEEL DYNAMICS INC 301,800 0.2%

STERIS PUBLIC COMPANY LTD 346,900 0.2%

SYK STRYKER CORP 623,016 0.4%

SVNLY SVENSKA HANDELSB A UNSP ADR 100,717 0.1%

SYNH SYNEOS HEALTH INC 58,505 0.0%

SNX SYNNEX CORP 323,428 0.2%

SYY SYSCO CORP 591,852 0.3%

TMUS T-MOBILE US INC 660,960 0.4%

TRHC TABULA RASA HEALTHCARE INC 198,116 0.1%

TSM TAIWAN SEMICONDUCTOR MFG CO LTD ADR 608,845 0.3%

TEL TE CONNECTIVITY LTD 72,859 0.0%

TTGT TECHTARGET 68,040 0.0%

TTNDY TECHTRONIC INDUSTRIES SP ADR 132,327 0.1%

TGNA TEGNA INC 305,828 0.2%

TLRA TELARIA INC 75,375 0.0%

TNAV TELENAV INC 98,472 0.1%

TCEHY TENCENT HLDGS LTD ADR 527,430 0.3%

TEVA PHARMACEUTICALS NE 3.15% 10/01/2026 75,938 0.0%

CHEF THE CHEFS' WAREHOUSE INC 203,955 0.1%

LOVE THE LOVESAC CO 85,186 0.0%

RUBI THE RUBICON PROJECT INC 146,850 0.1%

TTS TILE SHOP HLGDS INC 50,996 0.0%

TKR TIMKEN CO 214,285 0.1%

TWI TITAN INTERNATIONAL INC 52,750 0.0%

TVTY TIVITY HEALTH INC 55,321 0.0%

TORONTO DOMINION BANK 1.85% 09/11/2020 725,240 0.4%

TOTDY TOTO LTD UNSPON ADR 81,961 0.0%

TPIC TPI COMPOSITES INC 56,358 0.0%

TRMB TRIMBLE INCORPORATED 544,635 0.3%

TNET TRINET GROUP INC 228,295 0.1%

TSC TRISTATE CAPITAL HLDGS INC 62,019 0.0%

TUES TUESDAY MORNING CORP 34,048 0.0%

TPC TUTOR PERINI CORP 74,154 0.0%

UBSFY UBISOFT ENTERTAIN-UNSPON ADR 329,698 0.2%

UCTT ULTRA CLEAN HOLDINGS INC 54,825 0.0%

UMPQ UMPQUA HLDGS CORP 56,087 0.0%

UFI UNIFI INC 147,501 0.1%

UCBI UNITED CMNTY BANK BLAIRSVILLE 282,544 0.2%

UNH UNITEDHEALTH GROUP INC 534,378 0.3%

UNIV OF MICHIGAN TXBL SER B 3.316% 04/01/2028 364,651 0.2%

UNIV OF NORTH CAROLINA NC AT CHAPEL HILL REV TXBL REF SER C 2.529%

12/01/2026 504,860 0.3%

UNIVERSITY OF CINCINNATI OH GENRCPTS BIULD AMERICA BONDS 4.716%

06/01/2020 241,946 0.1%

UPLD UPLAND SOFTWARE INC 359,862 0.2%

URBN URBAN OURFITTERS INC 164,368 0.1%

USAK USA TRUCK INC 51,210 0.0%

VALE VALE SA 125,947 0.1%

HYD VANECK VECTORS HIGH YIELD MUNICIPAL INDEX 472,675 0.3%

VRA VERA BRADLEY INC 95,265 0.1%

VCYT VERACYTE INC 106,502 0.1%

VERISIGN INC 5.25% 04/01/2025 130,625 0.1%

VERIZON COMMUNICATIONS 5.15% 09/15/2023 706,784 0.4%

VTSBBK

VERMONT MUN BD BK BUILD AMERICA BONDS-RECOVERY ZONE ECON DEV BDS

4.17% 12/01/2019 216,352 0.1%

VRS VERSO PAPER CORP CL A 191,142 0.1%

VIAV VIAVI SOLUTIONS INC 169,905 0.1%

VCTR VICTORY CAPITAL HOLDING 118,477 0.1%

VIRGINIA ST HSG DEV AUTH TXBL SER C 3.196% 11/01/2023-2022 308,655 0.2%

V VISA INC 693,719 0.4%

VSH VISHAY INTERTECHNOLOGY INC 125,730 0.1%

VWAGY VOLKSWAGEN AG UNSPONS ADR 79,175 0.0%

WTI W & T OFFSHORE INC 102,060 0.1%

W PALM BEACH FL TXBL SER A 3.121% 10/01/2027-2026 345,982 0.2%

WTRH WAITR HOLDINGS INC 46,760 0.0%

WMMVY WAL-MART DE MEXICO ADR 363,886 0.2%


GAAP

Accrued Basis




WMT WALMART INC. 628,928 0.4%

WM WASTE MANAGEMENT INC NEW 640,791 0.4%

WAYNE CNTY MI RECOVERY ZONE ECONOMICS DEV BDS BUILD AMERICA BONDS

TAXA 10% 12/01/2040-2020 158,849 0.1%

WCG WELLCARE HEALTH PLANS INC 640,761 0.4%

WELLS FARGO & CO 4.6% 04/01/2021 734,346 0.4%

WELLS FARGO & COMPANY 6.00% PFD 38,970 0.0%

WERN WERNER ENTERPRISE 210,494 0.1%

WAL WESTERN ALLIANCE BANCORP 270,520 0.2%

WTFC WINTRUST FINL CORP 352,316 0.2%

WISCONSIN ST GEN FUND ANNUAL APPRPO REV REF SER C 3.154% 05/01/2027 948,141 0.5%

WNS WNS HOLDINGS LTD ADR 104,537 0.1%

WWE WORLD WRESTLING ENTERTAIN 349,152 0.2%

GRA WR GRACE & CO 188,252 0.1%

YELP YELP INC 51,534 0.0%

YETI YETI HOLDINGS INC 283,476 0.2%

ZBRA ZEBRA TECHNOLOGIES CORP. CL A 428,600 0.2%

ZIXI ZIX CORP 66,752 0.0%

ZVO ZOVIO INC 37,720 0.0%

TOTAL INVESTED ASSETS 170,658,324 97.7%

MONEY MARKET BALANCES WITHIN INVESTMENT ACCOUNTS:

WMMA1 CIBC WEALTHMGMT MM 1 374,547 0.2%

GPGXX GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT PFD 1,364,816 0.8%

GOLDMAN SACHS MONEY MARKET FUND (GOLDMAN CUSTODY) 2,201,926 1.3%

TOTAL MONEY MARKET ASSETS 3,941,289 2.3%

TOTAL INVESTMENT ACCOUNTS 174,599,613$ 100.0%


GAAP


General Administrative and Investment Expense Detail

Exhibit C

2019 more (less) % Increase Investment Program Management % of Char

EXPENSES 5/31/19 YTD 5/31/18 YTD than 2018 (Decrease) Budget $ Over Budget % of Budget Expenses Services & General Adm Exp

5200 MANAGEMENT WAGES 329,763$ 326,272$ 3,491$ 1.07% 338,025$ (8,262)$ 97.6% 37,182$ 141,127$ 151,454$ 88.7%

6501 GROUP HEALTH INSURANCE 45,093 48,456 (3,363) -6.94% 52,996 (7,903) 85.1% 1,427 25,583 18,083 96.8%

7806 PAYROLL TAX EXPENSE 25,115 24,773 342 1.38% 25,860 (745) 97.1% 2,844 10,423 11,847 88.7%

6707 DIRECTOR'S FEES 35,500 68,500 (33,000) 34,750 750 102.2% 10,500 0 25,000 70.4%

8103 TRAVELING EXPENSE - DIRECTORS - 835 (835) 800 (800) 0.0% 0 0 0 0.0%

8106 HOTEL & LODGING EXPENSE - DIRECTORS 672 660 12 1.82% 450 222 149.3% 0 0 672 100.0%

8121 MEALS EXPENSE - DIRECTORS 1,376 331 1,045 315.71% 600 776 229.3% 0 0 1,376 100.0%

7200 RENT EXPENSE 44,200 35,250 8,950 25.39% 44,200 - 100.0% 3,504 24,207 16,489 92.1%

6400 ELECTRICITY EXPENSE 1,305 1,287 18 1.40% 1,175 130 111.1% 103 715 487 92.1%

6500 INSURANCE EXPENSE 6,355 - 6,355 - 6,355 100.0% 0 0 6,355 0.0%

8000 TELEPHONE EXPENSE 2,158 2,491 (333) -13.37% 2,875 (717) 75.1% 171 1,182 805 92.1%

6700 LEGAL EXPENSE - - - - - 0.0% 0 0 0 0.0%

6701 CONSULTING SERVICES 10,000 - 10,000 - 10,000 100.0% 0 0 10,000 100.0%

6704 ACCOUNTING & AUDITING EXPENSE 6,500 5,379 1,121 20.84% - 6,500 100.0% 0 0 6,500 0.0%

6705 COMPUTER AND DATABASE SUPPORT 2,500 2,475 25 1.01% 2,500 - 100.0% 0 0 2,500 100.0%

6706 ACCOUNTING CONSULTING 90,450 - 90,450 100.00% 72,500 17,950 124.8% 0 0 90,450 100.0%

6800 OFFICE SUPPLIES EXPENSE 8,324 6,929 1,395 20.14% 18,357 (10,033) 45.3% 660 4,559 3,105 92.1%

6850 WEBSITE / INTERNET EXPENSE 4,944 3,016 1,928 63.93% 3,650 1,294 135.5% 392 2,708 1,844 92.1%

7000 POSTAGE 546 1,071 (525) -49.02% 735 (189) 74.3% 43 299 204 92.1%

7600 DUES & MEMBERSHIPS EXPENSE 5,109 4,380 729 16.64% 4,390 719 116.4% 540 4,450 119 89.4%

8100 TRAVELING EXPENSE 3,006 644 2,362 366.77% 1,375 1,631 218.6% 0 1,542 1,464 100.0%

8101 AUTOMOBILE EXPENSE 553 513 40 7.80% 800 (247) 69.1% 0 551 2 99.9%

8105 HOTEL & LODGING EXPENSE 1,648 807 841 1,000 648 164.8% 0 1,648 0 100.0%

8120 MEALS EXPENSE 601 402 199 100.00% 500 101 120.2% 0 423 178 100.0%

8300 SEMINARS FEE EXPENSE 2,535 2,083 452 21.70% 2,000 535 126.8% 0 2,535 0 100.0%

8400 RETREAT - COLEMAN PLANNING - 9,892 (9,892) - - 0.0% 0 0 0

8501.1 PROGRAM SUPPORT - FELLOWS 26,799 42,071 (15,272) -36.30% - 26,799 100.0% 0 26,799 0 100.0%

8501.4 PROGRAM SUPPORT - SEA - 1,223 (1,223) - - 0.0% 0 0 0 0.0%

8501.4 PROGRAM SUPPORT - USASBE - 846 (846) -100.00% - - 0.0% 0 0 0 0.0%

8501.9 PROGRAM SUPPORT - ENTREPRENEURIAL GENERAL - 300 (300) -100.00% - - 0.0% 0 0 0 0.0%

8502 PROGRAM SUPPORT - CANCER MEDICAL 76,610 108,597 (31,987) -29.45% 104,166 (27,556) 73.5% 0 76,610 0 100.0%

Total General & Administrative Expenses 731,662$ 699,483$ 32,179$ 713,704$ 17,958$ 57,368$ 325,361$ 348,933$

6900 INVESTMENT MANAGEMENT FEE 184,814 371,153 (186,339) -50.21% 200,000 (15,186) 92.4% 184,814 0 0 0.0%

6901 INVESTMENT CONSULTING FEE - 9,000 (9,000) -100.00% 5,000 (5,000) 0.0% 0 0 0 0.0%

7715 BANK CUSTODY & SERVICE CHARGES 21,982 23,130 (1,148) -4.96% 23,500 (1,518) 93.5% 21,982 0 0 0.0%

206,796$ 403,283$ (196,487)$ -48.72% 228,500$ (21,704)$ 90.5% 206,796$ -$ -$

Total Investment, General & Administrative Expenses 938,458$ 1,102,766$ (164,308)$ 942,204$ (3,746)$ 264,164$ 325,361$ 348,933$ 71.9%

28% 35% 37%

*Allocation methodology updated April 2019 YTD in accordance with latest GAAP rules for financial statement presentation (ASU 2016-14)

Comparison to Prior Year Comparison to Budget Allocation* of Expenses


Minimum Distribution AnalysisExhibit D

1. CALCULATE AVERAGE NET VALUE OF NONCHARITABLE-USE ASSETS:

Date Total FMV Investments Cash Other

6/30/2018 180,192,912 180,159,929 9,808 23,175

7/31/2018 180,192,912 180,159,929 9,808 23,175

8/31/2018 190,253,371 190,136,261 93,935 23,175

9/30/2018 189,018,005 188,920,992 69,518 27,495

10/31/2018 178,475,547 178,347,968 100,084 27,495

11/30/2018 177,730,658 177,335,763 394,896 0

12/31/2018 164,196,129 163,239,848 956,281 0

1/31/2019 173,919,525 173,170,815 748,710 0

2/28/2019 178,249,221 176,910,586 1,338,635 0

3/31/2019 180,166,505 178,971,931 1,194,574

4/30/2019 184,231,080 182,222,225 2,008,855

5/31/2019 176,061,744 174,599,613 1,462,131

12 mos rolling avg (actual)* 179,390,634 178,681,322 698,936 13,835

98.50% $176,699,775 equals net value assets

*(Budgeted 12 mos rolling avg for 12/31/198 is $170.6 million.)

2. CALCULATE AVERAGE DISTRIBUTION RATIO FOR THE 5-YEAR BASE PERIOD AND QUALIFICATION FOR 1% TAX RATE:

(Part V of Form 990-PF)

(A) (B) (A/B)

Adjusted Qualifying Net Value Distribution

Base Year Distributions Assets Ratio

2018 Est 8,877,228$ 178,826,893$ 0.0496415

2017 7,770,792 172,781,837 0.0449746

2016 8,366,686 158,489,728 0.0527901

2015 7,494,096 165,616,098 0.0452498

2014 8,269,463 164,931,618 0.0501387

Total 0.2427947

5 yr. average distribution ratio 0.0485589

Net value of non char assets, current year $176,699,775

Net value assets times 5 yr. avg. $8,580,353

1% of net investment income 2019 (est tax) 112,000

Total distributions required for 1% $8,692,353

Qualifying Distributions - 2019 Budget $8,457,150

Budgeted Distributions more (less) than required for 1% tax rate -$235,203

(Deficiency is a function of the increased average endowment value as of 5/31/19; this will be monitored and reforecasted in Q2, as necessary.)

If Qualifying Distributions Less than Distributions Required, 2% excise tax rate.

If Qualifying Distributions exceed Distributions Required, 1% excise tax rate.

3. CALCULATE ESTIMATED QUALIFYING DISTRIBUTIONS AND TOTAL (UNDISTRIBUTED INCOME) OR EXCESS DISTRIBUTION:

Actual Budget Unaudited

YTD requirements 2019 2018

Qualifying Distributions (Part XII of Form 990-PF):

Grant payments, gross 6,448,865$ 6,448,865$ 7,163,530$

Capital Spending 80,000 80,000 28,007

Administrative expenses 1,928,285 1,928,285 1,685,691

Additional distributions that may be required for 1% tax rate $235,203

Total Qualifying Distributions $8,692,353 See Exh E 8,457,150 8,877,228

Est Carryforward of (undistributed income) from prior year (7,457,150) (7,457,150) (7,499,495)

Qualifying Distributions to be applied to current year 1,235,203$ 1,000,000$ 1,377,733$

(Additional distributions required to cover prior year carryforward)

Actual Budget Unaudited

YTD requirements 2019 2018

Average net value of non charitable assets 179,390,634$ 170,600,000$ 181,550,145$

Net asset value (98.5%) 176,699,775 168,041,000 178,826,893

Minimum distribution requirement (5% of net asset value) 8,834,989 8,402,050 8,941,345

Estimated taxes paid (112,000) (112,000) (106,462)

8,722,989 8,290,050 8,834,883

Current year distributions available to offset current year requirements (1,235,203) (1,000,000) (1,377,733)

Total Carryforward of (Undistributed income) 7,487,786$ 7,290,050$ 7,457,150$

Current Distributions as % of Net Average Assets 4.92% 5.03% 4.96%

AS OF MAY 31, 2019


Analysis of Charitable Spending Requirements

Exhibit E

Full Year

TARGET - 2019 Budget

Undistributed income from prior year (2018) 7,457,150$

Add'l expenditure to reach 1% 855,686

Distribution to reach 1% excise tax rate in 2019 8,312,836$

Additional Targeted Spending 144,314$

Total Targeted Distribution - 2019 BUDGET 8,457,150$

Actual Remaining

CHARITABLE SPENDING 5/31/19 YTD to Spend

Program Support 103,409$ 146,591$ 250,000$

Administrative Expense 570,886 1,107,398 1,678,284

Total Expenses (excl $ allocated to Investments) 674,295 1,253,989 1,928,284

Capital Spending 12,100 67,900 80,000

Grants paid 1,560,934

Grants payable in 2019 1,471,650 1,432,750

Additional grants to be approved and paid 2019 3,416,282 5,016,116

Total Grant spending 3,032,584 3,416,282 6,448,866

Total Charitable Spending compared to Budget 3,718,979$ 4,738,171$ 8,457,150$

% of full year budget 44% 56%

Potential additional spending required to meet 1% 235,203 235,203

Total Forecasted Charitable Spending Requirements 4,973,374$ 8,692,353$

-

GAAP


Monthly Statement of Activities

Monthly PL

1/31/19 2/28/19 3/31/19 4/30/19 5/31/19 YTD

Support and revenue

Interest 80,119$ 109,449$ 378,953$ 80,290$ 156,141$ 804,952$

Dividends 120,582 191,737 192,514 148,595 283,077 936,505

Realized Gains (Losses) (45,865) (469,287) 520,569 169,656 (215,769) (40,696)

Other Investment Income - 53,205 339,788 25,524 54,877 473,394

Unrealized Gain/(Loss) Investment 10,023,187 4,831,282 1,036,302 4,265,580 (7,678,150) 12,478,201

Misc. Income - - - - -

Total revenues 10,178,023 4,716,386 2,468,126 4,689,645 (7,399,824) 14,652,356

Expense

Grants paid 560,050 86,134 75,750 446,500 392,500 1,560,934

Grants not paid, approved for future payment - - 756,200 (196,500) (232,500) 327,200

Investment management and other related expenses 4,133 4,652 4,440 37,132 156,439 206,796

General and administrative expenses 109,336 100,887 192,181 175,394 153,865 731,663

Federal excise taxes 150,931 91,243 75,641 106,314 (147,380) - 276,749

Total expenses 824,450 282,916 1,104,212 568,840 322,924 3,103,342

Increase (decrease) in net assets 9,353,573 4,433,470 1,363,914 4,120,805 (7,722,748) 11,549,014

Net assets, beginning 160,612,683 169,966,256 174,399,726 175,763,640 179,884,445 160,612,683

Net assets, ending 169,966,256$ 174,399,726$ 175,763,640$ 179,884,445$ 172,161,697$ 172,161,697$

*Differences with YTD PL are due to rounding.

GAAP


Monthly Expense Detail

Monthly Expenses

EXPENSES 1/31/19 2/28/19 3/31/19 4/30/19 5/31/19 YTD

5200 MANAGEMENT WAGES 67,605$ 67,605$ 67,605$ 67,605$ 59,343$ 329,763$

5300 PENSION EXPENSE - - - - - -

6501 GROUP HEALTH INSURANCE 11,918 8,008 7,862 10,442 6,863 45,093

7806 PAYROLL TAX EXPENSE 5,338 5,141 5,088 5,091 4,457 25,115

6707 DIRECTOR'S FEES - - 35,500 - - 35,500

8103 TRAVELING EXPENSE - DIRECTORS - - - - - -

8106 HOTEL & LODGING EXPENSE - DIRECTORS - - 672 - - 672

8121 MEALS EXPENSE - DIRECTORS - - - 1,376 - 1,376

7200 RENT EXPENSE 8,840 8,840 8,840 8,840 8,840 44,200

6400 ELECTRICITY EXPENSE - 414 347 302 242 1,305

6500 INSURANCE EXPENSE - - - - 6,355 6,355

8000 TELEPHONE EXPENSE - 514 605 482 557 2,158

6700 LEGAL EXPENSE - - - - - -

6701 CONSULTING SERVICES 10,000 - - 10,000

6704 ACCOUNTING & AUDITING EXPENSE - - - - 6,500 6,500

6705 COMPUTER AND DATABASE SUPPORT - 219 500 656 1,125 2,500

6706 ACCOUNTING CONSULTING 12,938 6,188 32,063 20,925 18,336 90,450

6800 OFFICE SUPPLIES EXPENSE 965 1,014 493 5,366 486 8,324

6850 WEBSITE / INTERNET EXPENSE 613 766 1,775 732 1,058 4,944

7000 POSTAGE - 309 100 137 - 546

7600 DUES & MEMBERSHIPS EXPENSE 119 1,000 540 - 3,450 5,109

8100 TRAVELING EXPENSE - - 1,970 624 412 3,006

8101 AUTOMOBILE EXPENSE - - 142 320 91 553

8105 HOTEL & LODGING EXPENSE - - 795 - 853 1,648

8120 MEALS EXPENSE - 44 245 260 52 601

8300 SEMINARS FEE EXPENSE - 825 - 1,710 - 2,535

8501.1 PROGRAM SUPPORT - FELLOWS - - 1,980 12,744 12,075 26,799

8502 PROGRAM SUPPORT - CANCER MEDICAL 1,000 - 25,059 27,781 22,770 76,610

Total General & Administrative Expenses 109,336$ 100,887$ 192,181$ 175,393$ 153,865$ 731,662$

6900 INVESTMENT MANAGEMENT FEE 0 289 - 32,656 151,869 184,814

6901 INVESTMENT CONSULTING FEE - - - - - -

7715 BANK CUSTODY & SERVICE CHARGES 4,133 4,363 4,439 4,478 4,569 21,982

4,133$ 4,652$ 4,439$ 37,134$ 156,438$ 206,796$

6112 DEPRECIATION EXPENSE - - - - - -

Total Investment, General & Administrative Expenses 113,469$ 105,539$ 196,620$ 212,527$ 310,303$ 938,458$

The Coleman Foundation, Inc. Statements of Financial Position

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Transcript of The Coleman Foundation, Inc. Statements of Financial Position